Saudi Arabian Oil Company (20240338357). LOCAL CONTENT ENRICHMENT PLATFORM THAT USES DISTRIBUTED LEDGER TECHNOLOGY simplified abstract

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LOCAL CONTENT ENRICHMENT PLATFORM THAT USES DISTRIBUTED LEDGER TECHNOLOGY

Organization Name

Saudi Arabian Oil Company

Inventor(s)

Abdulhakim Abdullah Alhabib of Dhahran (SA)

Abdulaziz Saud Almuhaisin of Dhahran (SA)

LOCAL CONTENT ENRICHMENT PLATFORM THAT USES DISTRIBUTED LEDGER TECHNOLOGY - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240338357 titled 'LOCAL CONTENT ENRICHMENT PLATFORM THAT USES DISTRIBUTED LEDGER TECHNOLOGY

The present disclosure involves a system for recording and tracking local content enrichment submissions using distributed ledger technology.

  • The system includes a memory to store computer executable instructions and one or more processors to execute these instructions.
  • The system implements a blockchain layer to record local content enrichment submissions to a distributed ledger and track their status through transactions.
  • Local content enrichment submissions contain data about an entity's proposal to comply with local content regulations in a specific region.

Potential Applications:

  • This technology can be used in industries where compliance with local content regulations is crucial, such as broadcasting, telecommunications, and energy.
  • It can streamline the submission process and provide transparency in tracking compliance efforts.

Problems Solved:

  • Simplifies the process of submitting and tracking local content enrichment submissions.
  • Enhances transparency and accountability in complying with local content regulations.

Benefits:

  • Improves efficiency in compliance efforts.
  • Enhances trust and credibility in regulatory compliance processes.

Commercial Applications:

  • Compliance software solutions for industries subject to local content regulations.
  • Consulting services for entities looking to streamline their compliance processes.

Questions about the Technology: 1. How does this technology ensure the security and integrity of the data recorded on the distributed ledger? 2. What are the potential challenges in implementing this system across different regions with varying local content regulations?

Frequently Updated Research: There may be ongoing research on the scalability of distributed ledger technology in managing large volumes of local content enrichment submissions.


Original Abstract Submitted

the present disclosure relates to recording and tracking a local content enrichment submission via a local content enrichment platform that leverages distributed ledger technology. the system can comprise a memory to store computer executable instructions. also, the system can comprise one or more processors, operatively coupled to the memory, that execute the computer executable instructions to implement a blockchain layer configured to record a local content enrichment submission to a distributed ledger and track a status of the local content enrichment submission via transactions with the distributed ledger. the local content enrichment submission includes data characterizing a proposal of an entity to comply with local content regulations of a region.

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